ITAT Judgments - Page 10

Section 147/148 Reassessment is for the benefit of Revenue benefit and not for the benefit of assessee

Hareram Koley Vs Income Tax Officer (ITAT Kolkata)

Provisions of section 147/148 even otherwise are for the benefit of the Revenue and not for the benefit of the assessee. If there was any mistake on the part of the assessee in filing his return of income, which was duly accepted by the Assessing Officer under section 143(1), the filing of appeal before the ld. CIT(Appeals) was not the pr...

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Mere failure to produce dealers would not make Entire Purchases ‘Bogus’

Shri Rupesh Chimanlal Savla Vs ITO 3(3) (ITAT Mumbai)

Simply because the Assessee could not produce the dealers, the entire purchases cannot be treated as bogus purchases. The Assessing Officer could have made further investigations to ascertain the genuineness of the transactions....

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Cess on Green Leaf paid to govt is Deductible from Composite Income

Tata Global Beverages Ltd Vs Deputy Commissioner of Income-tax (ITAT Kolkata)

AO placed reliance on the decision of the Hon’ble Gauhati High Court in the case of Jorhat Group Ltd vs Agricultural ITO reported in 226 ITR 622 (Gau) wherein it was held that the cess on green leaf is deductible from the agricultural income only and not from the composite income....

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Addition to shareholder for on money paid to / by company not justified

DCIT Vs M/s Maheswari Mega Ventures Ltd. (ITAT Hyderabad)

AO failed to appreciate that company is an independent entity and distinct person. The action of the company will not have any bearing on the shareholders. AO has no jurisdiction to charge anything in the case of assessee over the dealings of any other person....

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Books cannot be rejected for mere non-furnishing of details of sundry creditors in a proper way

Deputy Commissioner of Income Tax Vs M/s. SPML CISC (JV) (ITAT Kolkata)

Failure of the assessee to give details of the sundry creditors may be a ground for raising suspicion, but suspicion alone is not enough for invoking the powers of best judgment...

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Bad Debt is deductible once it is written off in Books of Account

Income Tax Officer Vs M/s. Rightex Commerce Pvt. Limited (ITAT Kolkata)

As per the amended section 36(1)(vii) with effect from 01.04.1989, the claim of bad debt is to be allowed once it is written off in the books of account and it is not required for the assessee to prove that the debt written off as bad has actually become irrecoverable....

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TDS is deductible as per nature of services and not on the basis of number of recipients

Sri Gowtham Academy of General & Technical Vs Dy. Commissioner of Income Tax, (ITAT Hyderabad)

TDS rates are fixed on the basis of nature of the services or contract and not on the basis of the number of recipients of the payment. When the intention of both the parties is clear that the payments shall be made for each of the service independently, then, the services are clearly ascertainable and divisible. The TDS rates for each of...

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AO cannot treat Assessee differently for Short and Long term Capital Gain on Sale of Shares

I.T.O. Vs Dilip B. Desai (HUF) (ITAT Kolkata)

Respectfully following the aforesaid judicial precedents and in the aforesaid facts and circumstances of the case, we hold that the ld CITA had rightly classified the assessee as an investor and treated the gains received on sale of shares and mutual funds as short term capital gains as against business income and granted relief to the as...

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Section 234C interest not leviable if Assessee could not have anticipated Income

Kumari Kumar Advani Vs ACIT (ITAT Mumbai)

It was, therefore, contended that assessee was not liable to pay advance tax on 15/9/2011 and 15/12/2011 as the receipt of gift was not estimable at the relevant point of time. Apart therefrom, an additional plea has also been raised, which is to the effect that the interest under section 234C of the Act could not be charged while process...

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12.5% Addition justified in absence of direct one to one relationship between purchases and sales

Smt. Kiran Navin Doshi Vs Income Tax Officer (ITAT Mumbai)

Fact that direct one to one relationship between purchases and sales have not been established, I am of the view that estimation of 12.5% as profit embedded in impugned purchases shown from these tainted parties and adding the same to the total income returned, would meet the ends of justice. ...

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